Ripple CEO Brad Garlinghouse Recently commented on US Securities and Exchange Commission (SEC) A long-running legal battle against his company. This comes amid recent developments that suggest the case may soon be over.
SEC Lawsuit Against Ripple Could End ‘Very Soon’
Garlinghouse stated during interview With Bloomberg that SEC Case Against Ripple The case could end “very soon,” though he added that they couldn’t predict exactly when the judge would rule. Meanwhile, Garlinghouse declined to comment when asked whether his company and the SEC were currently in a “wait and see” situation. settlement talks.
Appropriate Actions Regarding Ripple’s Violation of Securities Laws After Judge Analisa Torres’ ruling The only remaining issue to be resolved in this long legal battle is the one that remains. Although Judge Torres ruled that XRP is not a security per se, she also declared that Ripple’s sales of XRP to institutional investors were investment contracts. As such, the crypto company violated securities laws by selling unregistered securities.
Ripple and the SEC have been at odds over appropriate measures for such violations. The SEC initially proposed a fine of around $2 billion before eventually reducing it to $102.6 million. Ripple, on the other hand, has filed a request with the SEC for a fine of $2 billion. Proposal To be fined no more than $10 million.
Despite the disagreement between the two parties, there has been speculation that Ripple and the SEC may still be negotiating an out-of-court settlement. Brett Hill, ambassador for cryptocurrency exchange Bitrue, said, Recently mentioned The closed-door meeting that the SEC was initially scheduled to hold on July 18 was related to a settlement between the cryptocurrency company and the regulator.
However, according to information obtained from Securities and Exchange Commission websiteThat closed-door meeting ultimately didn’t take place on July 18 as originally planned. Instead, it’s now scheduled for July 25, though it’s still unclear whether the agenda has anything to do with the committee’s case against Ripple.
One Year Later: The Impact of Judge Torres’ Ruling
July 13 marks one year since Judge Torres issued her historic ruling, declaring that XRP is not a security In itself. Reflecting on this moment, Ripple’s CCO said, Stuart Aldroty He posted an article on his platform X (formerly Twitter) to highlight how this decision has impacted the crypto industry ever since.
Aldroti pointed out that Judge Torres’ decision led to a large number of similar decisions, with Binance status In the latest ruling by the U.S. District Court, Amy Berman ruled that the cryptocurrency exchange’s BNB sales were not investment contracts. Ripple’s CLO added that these decisions acknowledge “the SEC’s egregious abuses and lack of loyal obedience to the law under the President Gensler“.”
While Aldroti acknowledged that the SEC’s Ripple case is not “completely over,” he stressed that the court’s ruling that XRP is not a security “will not change” as the SEC told the court it does not plan to challenge the ruling.
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